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Highlights 2

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Highlights 2 Quarterly Report Quarter ended 30 June 2009 Gross gas production up 13.4% over prior year Electricity sales increase 34% over prior year LNG opportunities increase with announcement of Shell’s Curtis Island project Braemar 2 Power Station commences commercial operation Acquisition of Beach interest in Tipton West Joint Venture completed For personal use only International activity ramps up with continued exploration activity in four Asian countries Contents Section Page 1. Operating Highlights 2 2. Australian Business Activity 4 3. International Business Activity 7 4. Production Review 12 5. Exploration Review 22 6. Corporate 24 7. Contacts 25 8. Corporate Directory 26 For personal use only Arrow Energy Quarterly Report Quarter ended 30 June 2009 1 1. Operating Highlights Arrow Energy continued to develop its Australian and international businesses and create value for shareholders. During the quarter Arrow announced the commercial completion of the Braemar 2 power station, and saw commercialisation of our huge gas resources move a step closer with the announcement by the Queensland Government that the Shell LNG facility at Curtis Island is a project of State Significance. The acquisition of Beach Petroleum’s interest in the Tipton West project was completed during the quarter and Shell has subsequently confirmed their intention to exercise a pre-emptive right to participate in the acquisition subject to corporate, third-party and regulatory approvals. Preliminary indications from on-going reserve definition work are very encouraging, and an upgraded reserve statement is expected to be released prior to the full year results in August. During FY09-10 Arrow is planning to undertake the largest exploration and appraisal program in its history. The clear objective is to accelerate and maximise conversion of the previously identified 70 Tcf of resources into reserves that can be monetized via Fisherman’s Landing and Curtis Island LNG opportunities. An overview of exploration objectives by region is presented within this report. Arrow’s cash position at the end of the quarter was $378 million. The draw down from the previous quarter reflects payments made to Beach for the acquisition of Tipton West, expansion of our capital program as we continue to prove up reserves and develop our LNG project. This amount does not include the $99 million that will be payable by Shell as a result of their intention to exercise their pre-emptive rights on Tipton West. The Fisherman’s Landing LNG project (with LNG Ltd) remains on track to meet its key milestones for a Final Investment Decision in Quarter 1 2010, and following successful implementation, first LNG in late 2012. Arrow Energy International continues to aggressively pursue business development opportunities in China, Indonesia, Vietnam and India with drilling exploration activity having commenced in all countries other than Indonesia (where our first wells are expected to be drilled in Quarter 4 2009). For personal use only Arrow Energy Quarterly Report Quarter ended 30 June 2009 2 Production snapshot. Gross gas production increased 5.7% in the June quarter compared to the prior quarter. The Moranbah Gas Project continued a steady increase in production while Tipton West and Kogan North were both positively impacted by new wells coming on line. Production at Arrow’s largest field Tipton West increased 7.1% as the Braemar 2 power station commenced operations utilising gas from this field. Daandine production decreased slightly as production was scaled back due to shutdown of the Swanbank E generator for planned maintenance. The Daandine and Stratheden fields are now ramping up production to provide the majority of the gas under our sales agreement with the Braemar 2 Power Station. On 27 July Arrow Energy achieved daily gas sales deliveries of 100.6 terajoules - a new record for the company. On a year to date basis, gross gas production was up 13.4% to 32,435 terajoules (TJ) on the comparable period last year. Adjusting for the seven week planned shut in of the Moranbah gas fields due to planned maintenance on the Townsville Power Station, full year production would have been up 18% to 33,757 TJ. Full year sales have also been impacted by planned maintenance at the Swanbank E and Townsville power stations and were down by 1.5%. Gross electricity sales increased strongly during the quarter, up 34.4%, with the commissioning of the Braemar 2 Power station in June. Full year electricity sales were up 41.4%. Change 31 March, 30 June, % Quarterly Data vs. Prior 2009 2009 Change Quarter Gross Operated Gas Production Terajoules 8,335 8,812 477 5.7% Gas Sales Terajoules 4,582 4,618 36 0.8% Electricity Sales MWH 360,154 484,017 123,863 34.4% Net to Arrow Energy Gas Production Terajoules 3,659 4,370 711 19.4% Gas Sales Terajoules 2,077 2,722 645 31.1% Electricity Sales MWH 209,519 271,828 62,309 29.7% YTD YTD Change % Year to Date Data 30 June, 30 June, vs. Prior Change 2008 2009 YTD Gross Operated Gas Production Terajoules 28,606 32,435 3,829 13.4% Gas Sales Terajoules 18,594 18,323 -271 -1.5% Electricity Sales MWH 996,552 1,408,752 412,200 41.4% For personal use only Net to Arrow Energy Gas Production Terajoules 16,265 17,206 941 5.8% Gas Sales Terajoules 10,200 10,151 -48 -0.5% Electricity Sales MWH 615,170 825,794 210,624 34.2% Arrow Energy Quarterly Report Quarter ended 30 June 2009 3 2. Australian Business Activity Upstream LNG Project on Track Arrow has an exclusive agreement with Liquefied Natural Gas Limited (LNGL) to supply coal seam gas to a planned Liquefied Natural Gas (LNG) plant at Fisherman’s Landing in Gladstone, Queensland. Fisherman’s Landing is targeted to become the world's first LNG export facility to use coal seam gas (CSG) as a feedstock when it starts production in late 2012. The Fisherman’s Landing LNG Plant is being developed by LNGL and Arrow has an option to acquire a 20% interest in the plant. The LNG Plant is being developed in two stages; the first stage consists of operating a single processing train providing an initial maximum operational capacity of 1.5 million tonnes of LNG per year. There is an opportunity for a second train to follow, which will double the operational capacity of the plant to 3.0 million tonnes of LNG per year. Since receiving approval from the Queensland Government for the Environmental Impact Statement (EIS) on the Fisherman’s Landing LNG Plant in April 2009, LNGL has progressed with the next stage of the approval process. Agreement has now been reached with the Gladstone Ports Corporation (GPC) and other Government agencies in relation to the dredging approvals strategy for the project’s shipping access channel and ship turning basin and the associated dredged material relocation sites. Gas feed for the Fisherman’s Landing plant will be sourced from Arrow’s acreage with the first train requiring delivery of 90 PJ of gas per annum or an average of 257 TJ/day. Arrow’s Upstream LNG Project Team, which is responsible for the planning, design and development of the gas field and pipeline to Gladstone, is currently entering the Front End Engineering Design stage of the project. This involves the design of the surface facilities required to develop the gas fields and finalisation of the Field Development Plan that determines the drilling and production profiles for fields. Surat Gladstone Pipeline Pty Ltd, a wholly owned subsidiary of Arrow Energy, is undertaking the development of the main transmission pipeline linking the gas fields in the Surat Basin to Fisherman’s Landing at Gladstone. Engineering and implementation planning is well underway for the 470km long, high pressure, underground steel pipeline. A preferred pipeline route has been selected and an EIS was submitted to the Department of Energy and Resource Management for consideration during July. Overall, the project remains on track to meet its key milestones for a Final Investment Decision in the first quarter 2010, and following successful implementation, first LNG in For personal use only late 2012. Arrow Energy Quarterly Report Quarter ended 30 June 2009 4 Shell Australia’s CSG-to-LNG project declared a significant project. The Queensland Government announced that Shell’s proposed CSG to LNG facility at Curtis Island, Gladstone is a Project of State Significance. Shell has released an Initial Advice Statement stating that gas for the LNG train will be sourced from Arrow/Shell joint venture tenements. Later expansion of the LNG facility will utilize additional gas as it becomes available from expected exploration and appraisal success within the Arrow/Shell Joint Venture tenements. The foundation train will use approximately 200 PJ per annum as feed gas. A total of up to 4000 PJ would be required for a foundation train in the first 20 years of operation. Shell also note in their IAS that they have sufficient market access for the foundation LNG train, through its marketing activities and re-gasification positions across locations such as North Asia, India, Europe and North America. First LNG production is targeted for 2014 - 2015. Shell will now commence work on an Environmental Impact Statement in order to develop this project further. Shell signs letter of intent for exercise of Tipton West pre-emptive rights Shell CSG (Australia) Pty Ltd has signed a letter indicating that it intends to exercise joint venture pre-emptive rights to take up a share of the Tipton West assets recently acquired by Arrow from Beach Petroleum, subject to both parties obtaining necessary corporate, third-party and regulatory approvals. On finalisation, Shell will pay Arrow A$99 million to obtain a further 12% of the Tipton West Joint Venture.
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